Long-Term GDP by EU State, Fourth Quarter 2020

The chart above shows the annualized nominal gross domestic product (GDP) in each EU state as of the fourth quarter of 2020 in millions of euros, the change from five years ago, and the GDP ten years prior.  Germany's economy grew more over the past five years than 19 states' entire GDP.

Findings

• The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is €3,386,391.60 million (up from €3,046,036.00 million five years ago and up from €2,602,322.80 million ten years ago).  Germany and Malta had the largest and smallest GDP respectively both five and ten years ago.
• Germany has 255.76 times the GDP that Malta does.  The ratio of largest GDP to smallest GDP was down from 295.13 five years ago and down from 373.55 ten years ago.
• The median GDP in the 28 EU states is €223,821.00 million (up from €179,187.80 million five years ago and up from €174,711.80 ten years ago) and the mean €573,909.40 million (up from €536,464.34 five years ago and up from €465,443.49 ten years ago).
• Of the 28 states, 26 states had the GDP rise over the past five years while two had the GDP decline.
• Of the 28 states, 27 states had the GDP rise over the past ten years while one had the GDP decline.

Caveats

• Data is from the fourth quarters of 2020, 2015, and 2010.
• The data is seasonally adjusted in current euros.
• The data is annualized by multiplying the quarterly figure by four.
• All figures are rounded to the nearest hundredth.

Details

In absolute terms, the United Kingdom had the worst performance over the past five years with a drop of €263,935.20 million.  Germany had the best performance with a gain of €343,292.00 million.  Over the past ten years, Greece had the worst performance with a drop of €53,317.60 million while Germany had the best performance with a gain of €790,376.00 million.

In relative terms, the United Kingdom had the worst performance over the past five years with a 9.86% drop in GDP while Romania had the best performance with a 40.67% rise in GDP.  Over the past ten years, Greece had the worst performance with a 24.43% drop in GDP while Ireland had the best performance with a 122.47% rise in GDP.

There were six states with a GDP of over €500,000 million ten years ago, seven states five years ago, and seven states now.  On the flip side, there were nine states with a GDP of less than €50,000 million ten years ago, eight states five years ago, and six states now.

Romania (from 17th to 14th) rose three spots in the five year period.  Conversely, Portugal (from 14th to 16th) and Greece (from 15th to 17th) fell two spots in the five year period.  Over the past ten years, Ireland (from 15th to 11th) rose four spots, while Greece (from 12th to 17th) fell five spots.

Data

State	Fourth Quarter 2010	Fourth Quarter 2015	Fourth Quarter 2020
Austria	301,436	348,628.8	378,033.6
Belgium	369,104	421,960	465,980
Bulgaria	40,110	46,650.8	62,424.8
Croatia	44,703.2	44,791.6	50,327.2
Cyprus	19,636	18,206.4	21,051.2
Czechia	161,279.2	173,678.8	218,189.2
Denmark	246,538	274,166	316,681.6
Estonia	15,601.2	21,090.4	27,944.4
Finland	193,860	213,296	238,928
France	2,020,828	2,211,408	2,357,284
Germany	2,609,308	3,056,392	3,399,684
Greece	218,230	176,838.4	164,912.4
Hungary	101,324.4	115,604.4	139,678.8
Ireland	169,143.2	277,076.4	376,298.8
Italy	1,629,038.4	1,668,458.8	1,698,744.8
Latvia	18,317.2	24,714	30,137.2
Lithuania	29,005.6	37,935.6	49,711.6
Luxembourg	41,388	52,990.4	67,420.8
Malta	6,985.2	10,356	13,292.4
Netherlands	646,014.4	695,188.4	819,747.6
Poland	373,470.4	431,852	529,248.4
Portugal	180,280.4	181,537.2	207,362
Romania	124,420.8	163,110.4	229,452.8
Slovakia	69,433.6	80,811.2	95,648.4
Slovenia	36,560.8	39,150.8	46,807.2
Spain	1,077,456	1,091,712	1,160,112
Sweden	398,831.2	466,798.8	491,697.2
United Kingdom	1,890,114.4	2,676,598	2,412,662.8

Sources

Eurostat.  2021.  "GDP and Main Components."  Accessed May 10, 2021.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-C88959A_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;UNIT,L,Z,0;S_ADJ,L,Z,1;NA_ITEM,L,Z,2;INDICATORS,C,Z,3;&zSelection=DS-406779UNIT,CP_MEUR;DS-406779INDICATORS,OBS_FLAG;DS-406779NA_ITEM,B1GQ;DS-406779S_ADJ,SCA;&rankName1=UNIT_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=NA-ITEM_1_2_-1_2&rankName4=S-ADJ_1_2_-1_2&rankName5=TIME_1_0_0_0&rankName6=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.

Federal Reserve.  2021.  "Foreign Exchange Rates."  Accessed March 31, 2021.  https://www.federalreserve.gov/releases/g5/.

Office for National Statistics.  2021.  "Gross Domestic Product at market prices: Current price: Seasonally adjusted £m - Office for National Statistics."  Accessed March 31, 2021.  https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.